GeoWarehouse Store Focus: Top 5 Reports Purchased in the Store and What They are Commonly Used For

The GeoWarehouse Store is available to Real Estate Sales Professionals who subscribe to GeoWarehouse. In the store, Real Estate Sales Professionals can access a vast range of information, searches, reports, certificates, documents just to name a few. This blog highlights the top 5 GeoWarehouse reports that Real Estate Sales Professionals purchase in the GeoWarehouse Store and why.

 

 

Parcel Register                                         

The Parcel Register is a component of the property title search that reveals a property’s ownership information, legal description information and a history of all transfers, mortgages, liens and other encumbrances. Real Estate Sales Professionals use this report to verify who owns a property, what mortgages they have (validate equity), identify issues that could impact the real estate transaction from closing and more… 

Instrument Image

Instrument images provide vital details when an issue is identified in the Parcel Register and further information is required. For example, let’s say there is a mortgage registered on your client’s property by a private lender, a discharge statement is required and no one knows where to obtain it. An instrument image can provide you with the private lender’s information and also the private lender’s lawyer’s information, including contact information. This can enable you to help your client obtain a discharge statement. The same is true if the Parcel Register reveals that a lien has been registered against the property. An instrument image can reveal the registrant, contact information and the amount of the lien. Instrument images are a very useful tool for Real Estate Sales Professionals and can result in significant time savings.

HomeVerified

The HomeVerified Insurance Claims history report can be purchased through the GeoWarehouse store and is an excellent tool to learn the insurance history on a property. Uncovering damage claims can reveal floods, potential electrical problems and more… Through HomeVerified you can also verify if the property you are listing has been used as a grow op.

Survey

Gone are the days of having to order, organize and pay for expensive surveys. Surveys are now available on GeoWarehouse. If a survey for the property is available it can be purchased online, through the GeoWarehouse Store. A digital format will be emailed immediately to you after completing the purchase process.

MPAC Assessment Data

Many Real Estate Sales Professionals turn to MPAC assessment data when they need information like a property’s accurate municipal address and to identify missing information on a transaction. There are a wide range of MPAC Assessment Reports available in the GeoWarehouse Store. MPAC Assessment Reports include information such as current value assessment, property type, site area and unit of measure, year built, zoning, last valid sale date, last valid sale amount, heating type, air conditioning, basement total area, basement finished area, garage type, and garage spaces.

Another very valuable report available through GeoWarehouse, just not through the GeoWarehouse store, is the ability to request condo status certificates on any real estate closing that involves a condo. As a Real Estate Sales Professional you know the act of obtaining a condo certificate is both costly and timely. Condo corporations demanding payment of the fee by certified funds, tight time lines on closings and needing to retrieve the certificate can really make obtaining a condo status certificate a grueling task. Condo status certificates can be ordered. By registering for Conduit through GeoWarehouse and then processing an order. Incorporating these very useful products into your workflow will result in you having more knowledge about your clients and their properties and save you time and money through increased efficiency.

If you would like more information about how you can access the GeoWarehouse Store please visit www.geowarehouse.ca or call 1-866-237-5937.

Whose Responsibility Is It to Perform a Property Title Search?

Every real estate transaction will involve a title search; all parties involved in the transaction (the Real Estate Sales Professional, the mortgage broker, the lender and the real estate lawyer) will require a property title search for different reasons.

Historically, the Real Estate Sales Professional, mortgage broker and lender would rely on the real estate lawyer to perform the property title search, as it is one of their formal responsibilities. The only challenge is that sometimes, when the real estate lawyer performs the property title search, issues can arise that can complicate and delay closing; in some cases, these can even prevent a deal from closing altogether.

Advancements in technology have made relevant aspects of a property title search available to land professionals, like Real Estate Sales Professionals.

GeoWarehouse provides Real Estate Sales Professionals with online access to Parcel Registers which are an integral component of a property title search. Parcel Register data comes from the POLARIS database and is the most current and accurate information of its kind available. Accessing a Parcel Register online saves you an incredible amount of time and provides you with an abundance of information, including the legal description of a property, the property’s PIN, property owners, types of ownership, a history property of transfers, liens, and mortgages.

A Parcel Register helps you uncover issues that may delay, complicate or prevent a real estate transaction from closing such as:

·       Un-discharged mortgages – Too often mortgages that are paid off do not get formally discharged by the lender’s lawyer.  Un-discharged mortgages must be discharged before a future real estate transaction can take place.

·       Liens or encumbrances (property tax arrears, condo fee arrears, construction liens etc…) – liens often come as a complete surprise to sellers and it should be identified if they exist.

·       Other people on title.

·       Lack of property equity – if a seller has no property equity they cannot pay you. Finding this out quickly is important to see if there are other arrangements that can be made for payment, otherwise you may want to pass on the client.

·       Restrictive covenants, easements, and other registrations…

Issues like previously un-discharged mortgages that ended up being paid off can be overcome by obtaining proof and providing it to the lawyer, as can liens that have also been paid off. However, other people on title, who do not want to consent to the sale of the property or insufficient equity to cover real estate and legal closing costs, can stop a deal dead in its tracks.

While it may end up ultimately being the real estate lawyer’s responsibility to perform the property title search, it pays to perform a Parcel Register and identify any potential issues, determine if they can be addressed, and address them long before the transaction ends up with the real estate lawyer. This will lead to higher closing rates, better time management (you will not be wasting time on deals that won’t close), strengthened relationships with partners, as more of your deals will close, and heightened due diligence that will prevent you from taking on clients who are unable to pay for your services.

If you would like more information about how you can obtain a Parcel Register online please visit www.geowarehouse.ca or call 1-866-237-5937.

Attn. Real Estate Sales Professionals: How a Parcel Register Can Help You Do Your Due Diligence

Real estate sales professionals are obliged to conduct due diligence, especially when taking on a new listing. This due diligence includes evaluating both the client and the property. 

On a new listing, you not only want to look at the physical property to ensure that you have disclosed all physical attributes accurately, you should also consider looking at a part of a property title search that is called the Parcel Register.

The Parcel Register essentially provides the history of the property’s title, including ownership, transfers and encumbrances. The Parcel Register is an excellent device that can be leveraged to exercise due diligence when taking on a new client.

o      First of all, the Parcel Register will enable you to quickly identify all legal owners of the property so that you can ensure that all of the right parties are present when you sign off on your contract with them.

o      The Parcel Register will also provide information that should give you an idea of whether or not your client has sufficient equity to pay your fees. You will be able to see when the property was transferred to your client, in what amount, any mortgages registered against the property, when they were registered and the amount that they were registered for. For example, what would you do if you engaged a new client who wanted to sell their home for $350,000 but then upon reviewing their Parcel Register you saw that they purchased the home 10 months ago for $300,000 and have a mortgage tha t was registered only 10 months ago for $290,000? In this scenario, this client may not have the equity they think they do or the ability to pay your fees.

o      The Parcel Register also helps you avoid issues from arising upon closing. The Parcel Register will reveal any liens which could include condo fee arrears, property tax arrears, and construction liens just to name a few. It will also reveal un-discharged mortgages and other items that could cause delays.

Most people don’t intentionally miscommunicate or omit information, but if this happens, it results in an incredible waste of time for all those involved. It causes a complete chain reaction; not only does your time get wasted but so too does the time of the prospective buyer, the buyer’s agent, mortgage broker, lender, real estate lawyer, etc…

Exercising your due diligence at the beginning of a transaction can save you, your client and other parties significant time and expense as problem deals can be quickly identified. There are many issues that come up at the last minute on real estate closings that could be identified much earlier through a Parcel Register. Many of these issues can be overcome through providing the real estate lawyer with documentation as they request it, but knowing and addressing these issues earlier in the process makes closings go much more smoothly.

For more information about how you can obtain a Parcel Register through GeoWarehouse please visit www.geowarehouse.ca or call 1-866-237-5937.

GeoWarehouse Training at Your Fingertips – GeoWarehouseTV on YouTube

If there is one thing that the GeoWarehouse team at Teranet has maintained, it’s a constant commitment towards training and a positive user experience. Providing access to information and resources to make using GeoWarehouse effortless continues to be a top priority.

As you are aware, this year GeoWarehouse went social. This included the launch of a brand new YouTube channel, GeoWarehouseTV. The channel can be accessed by visiting www.youtube.com/user/geowarehouse or by typing GeoWarehouse into the search field on YouTube. Don’t forget to bookmark it in your favourites.

GeoWarehouseTV was created to put access to training resources and other information at your fingertips.

What’s there now?

o   Demo video – product overview http://www.youtube.com/watch?v=oFBG9PW3GqE

o   How to view an Insurance Claims History Report on a property http://www.youtube.com/watch?v=f8TMZ7Dw2sg

o   How to access the “Year Built” of a subject property through an MPAC Assessment Report http://www.youtube.com/watch?v=M5ExV3Jwux4

o   Getting started on GeoWarehouse http://www.youtube.com/watch?v=a3WTOpoeU3Y

o   Performing a Property Search and finding property information http://www.youtube.com/watch?v=ozrhYlreg5s

o   The Property Details Report http://www.youtube.com/watch?v=yVR3xKREm6M

o   Neighbourhood Sales and Demographics Reports http://www.youtube.com/watch?v=QawAF5W2oho

o   Enhanced Sales Report http://www.youtube.com/watch?v=f-bQ3ZsG7js

o   The GeoWarehouse Store http://www.youtube.com/watch?v=OK2ZVCpF__c

o   How to obtain land titles data through a Parcel Register http://www.youtube.com/watch?v=PCnO80_bRvM

o   How to request surveys, plans and MPAC assessments in the GeoWarehouse Store http://www.youtube.com/watch?v=PCnO80_bRvM

o   Google Maps Street View http://www.youtube.com/watch?v=BdyH9VCGChM and more…

When using GeoWarehouse and any time you have a question or would like a tip about how to do something, quickly access the above video tutorials (which are available both at geowarehouse.ca and on GeoWarehouseTV) to quickly find an answer.

Checking into GeoWarehouseTV regularly is a good idea for both newcomers to the industry and seasoned real estate veterans. GeoWarehouseTV will also be a place where you can learn about new products and promotions. Newcomers can learn about how to use the program, different searches, reports, imagery, other products and their benefits.

Expert Real Estate Sales Professionals stay in the know about new products and updates from the GeoWarehouse team. They can also learn about searches, reports that are available in the GeoWarehouse Store, and new products.

A great example of this is the recent launch of the Insurance Claims History Report:, you now have the ability to access an Insurance Claims History Report on a property on GeoWarehouse (information supplied by HomeVerified) and you can find out more information at GeoWarehouseTV http://www.youtube.com/watch?v=f8TMZ7Dw2sg.

For more information about GeoWarehouse or GeoWarehouseTV please visit www.geowarehouse.ca or www.youtube.com/user/geowarehouse.

How to Obtain a Condo Status Certificate Online

Thousands of condos are sold in Ontario each year; to purchase or sell a condo requires a condo status certificate. This is because condos are managed by a condo corporation and there are fees involved to the corporation and bi-laws that regulate what condo owners are allowed and not allowed to do.  Generally the condo status certificate is requested by the real estate sales professional or the real estate lawyer.

Condo status certificates are an important part of a condo sale because they provide the buyer with essential information about the financial status of a condo corporation. It will include the condo fees, it will indicate if any large increases to the condo fees are planned and more. It will also contain information about the financial status of a particular unit. The condo status certificate will confirm if the owner of the condo that your client is buying is in arrears on their condo fees or if there is a lien on the condo by the condo corporation for any reason. The condo status certificate will also disclose a host of other information, such as if and what types of pets are allowed in the building and whether or not the condo corporation is involved in any lawsuits.

It is not uncommon for a condo status certificate to be more than 100 pages in length.

Traditionally obtaining condo status certificates has been a time consuming process:

1.      The condo status certificate must be requested in writing from the condo corporation – this means that a letter will have to be prepared. Connecting with condo corporations can sometimes be challenging because smaller ones sometimes are only open part time or sporadically.

2.      There is a fee of $100.00 or more – this requires getting a certified cheque.

3.      The condo corporation has up to 10 days to send back the condo status certificate. While some will fax or drive their condo status certificate request to the condo corporation, many others opt to incur the expense of a courier. This ensures that there was a record of the request having been delivered, starting the 10 day time  clock.

The old way of obtaining condo status certificates has changed thanks to advancements in technology. If you are a real estate sales professional in Ontario and a GeoWarehouse subscriber, you can now obtain a condo status certificate online. Condo status certificates are available online when you register through GeoWarehouse for Conduit. On the GeoWarehouse site, a link is provided and after creating an account you are able to request and purchase the certificate.

Condo status certificates can not only be ordered online but they can also be delivered online. This eliminates management of these large and clunky documents, the expense of couriers and certified cheques. Now you can simply send the digital file to whomever requires it: the mortgage broker, bank, real estate lawyer, etc… 

Being able to access condo status certificates online makes closing your deals that much easier.

For more information about how to obtain a condo status certificate online please visit www.geowarehouse.ca or call 1-866-237-5937.

3 Reasons Why a Real Estate Sales Professional Should Request a Parcel Register on Every Deal

As a Real Estate Sales Professional you know that your job involves a lot more than just helping people buy and sell homes. You are also relied upon to perform due diligence (for both yourself and your clients), investigate properties and administer contracts between you and your client and then your client and whomever they enter into a real estate transaction with.

Online real estate tools like GeoWarehouse help you to accomplish these tasks. One very popular search that Real Estate Sales Professionals make in the GeoWarehouse Store is the Parcel Register. The reason this search is so popular is because it helps Real Estate Sales Professionals acquire current, accurate information about a homeowner, their property and their financial standing. 

A Parcel Register is a part of a property title search that provides information about a property and its history. The Parcel Register contains: the property’s legal description, PIN (Property Identification Number), owner(s) name(s), type and percentage of ownership, easements and restrictions on the property, the property’s purchase history, when the property was last transferred, the transfer amount and from/to information, any mortgages registered against a property, when they were registered, the lender and the amount registered, any liens registered against the property, and more…

The top three reasons why Real Estate Sales Professionals should take advantage of a Parcel Register are:

To assess new clients. When a client comes to you to sell their property, your commission and the other agent’s commission will be paid out of the equity in the home. If a seller has no equity in their home because it is fully encumbered then paying real estate commission becomes a difficult proposition. In addition, you want to ensure that you are representing the actual legal homeowners and the Parcel Register will reveal who is on title. Alternately, when representing a buyer, if they can’t get approved for financing on a mortgage then your time spent showing them properties will have been in vain. If you represent them on the sale of their property, issues like property liens and multiple mortgages may be a signal of other underlying financial issues and presents an opportunity to ensure that they have a sufficient down payment and credit to qualify for a mortgage on their next property purchase.

Negotiate better offers. The Parcel Register will show you the registered mortgages on the property, when the seller purchased the property and what they paid. Knowing the seller’s equity position increases your negotiating power because you can assess if they have more financial room or motivation to accept less than the listed price. You can also identify properties where you may have less negotiating positioning and can set your client’s expectations accordingly.

Validate up-to-the-minute information. Because the information in the Parcel Register comes from the POLARIS database it is the most current and accurate information you can access.

The Parcel Register not only makes assessing new clients, negotiating better offers and validating information much easier, it also helps you avoid surprises upon closing. Reviewing a Parcel Register makes you aware of any title related issues that may be problematic.

For more information about GeoWarehouse or about how you can obtain a Parcel Register in the GeoWarehouse Store please visit www.geowarehouse.ca or call 1-866-237-5937.

Mobile Article Number Three – Mobile Apps that are Great Sales Tools for Realtors®

Most people now have smart phones or tablets. Realtors® have come to rely on their smart phones as veritable mobile offices. Mobile apps have proven to present incredible opportunity to Realtors® when it comes to attracting and working with buyers and sellers. There are a number of mobile apps available to Realtors® that can be used as sales tools when landing a new client and then when selling their home or helping them buy another.

A great example of this is Tour Narrator. This is an app that you can use to help your clients capture feedback on properties that you show them. The app records audio commentaries and,  , organizes photos and notes that can be reviewed later. Like Tour Narrator, the Agent Feedback app allows you to keep sellers up-to-date on feedback from visitors who attend an open house.

Realtor Magazine released an article about the apps that Realtors® used most in 2012 and here are some of the apps reviewed that are great sales tools:

1.      Sawbuck Realty offers an app called Home Snap. Using Home Snap you simply snap a picture of a home that is for sale. The service will then retrieve local MLS information about the property including price, size, information on the last sales price and also photos of the property. Once you have snapped a property the app will alert you if there has been a change in the price of the property. This is a great tool when you are on the road with clients showing properties. This is also a free app.

2.      Wahsoft offers an app called Open House Manager. This app enables you to manage your open houses, gather and store contact and other information about visitors and then follow up with them afterwards. This way you don’t lose track of any sales opportunities. This is a free app and is available on Apple devices.

3.      The Realtor.com app provides you with access to a large database of real estate listings. This is a free app that is available to Apple, Android and Windows users. This is another valuable tool when taking a client to look at properties and also when working with a new client on a listing where the listing price needs to be determined.

4.      Sensopia offers a free app that enables you to create floor plans with ease. You can then export them as JPEGs or PDF documents. While the app is free, there is a charge to export and share files. Another great sales tool, especially for open houses.

5.      Top Producer Systems offers a mobile app that connects to their contact management and marketing system. Users can access their data, edit information and manage tasks. This app is available on Apple, Android and Blackberry devices but involves cost and commitment.

It should also be said that social apps like Facebook, Twitter and LinkedIn are important to have on your mobile devices to keep you connected to prospects and so that you can quickly announce new listings and open houses to your networks. Mobile apps help you have a more dynamic interaction with your clients when out in the field and are definitely something all Realtors® should take advantage of. How do you use mobile apps to cut down on paper and improve your workflow?

If you are a Realtor® who would like more information about how you can use technology to learn more about properties please visit www.geowarehouse.ca or call 1-866-237-5937.